CBN Set to Take over Bank Skye Bank As MD Resigns

CBN Set to Take over Bank Skye Bank As MD Resigns

The Managing Director of Skye Bank, Timothy Oguntayo, and other top management executives of the bank are alleged to have resigned as the Central Bank Of Nigeria is set to take over the management of the bank.

According to Sahara Reporters, the CBN advised the customers of the bank not to go into panic mode as their investments and deposits are intact.

The Managing Director and some top management of Skye Bank of Nigeria today resigned in anticipation of the planned dissolution of the board and management cadres by the Central Bank of Nigeria (CBN) which has discreetly worked on removing directors of some commercial banks that have demonstrated a level of distress in the last few months. All the non-executive directors of the bank also resigned in anticipation of a clampdown by the CBN.

Lagos state Government is a critical stakeholder in the Skye Bank.

Businessman, Tunde Ayeni, recently bought into the bank and emerged the chairman. He is also the owner of Ntel Communications Limited, a GSM operator.

There have been reports that the bank has run into a liquidity problem following several unsecured loans it granted to some highly placed individuals.

A secular from the CBN dated January 22, 2016, granted the bank’s management until December to recapitalise.

According to Sahara Reporters, the apex bank has since approved the appointment of Alhaji Muhammad K Ahmad as Board Chair and Tokunbo Abiru as new GMD/CEO.

FLASH: @Cenbank approves Alhaji Muhammad K Ahmad as the new Board Chair of @SkyeBankNigeria while Tokunbo Abiru becomes new GMD/CEO

— Sahara Reporters (@SaharaReporters) July 4, 2016